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Bailey McCann, Opalesque New York: European private equity firm IK Investment Partners has closed its eighth fund on €1.85 billion ($1.96bn), after just nine months in market. The vehicle beat its €1.6bn target and was oversubscribed. Fund VIII is larger than its predecessor vehicle, which closed on €1.4 billion in 2013. This is the second completed fundraise for IK this year - the firm closed its first fund focused on small cap investments, the IK Small Cap I Fund on €277 million in March.
Fund VIII will run IK's flagship strategy of making majority investments in companies with
enterprise values up to approximately €500 million in IK’s core markets:
Benelux, DACH, France and the Nordics. In an interview, Mads Ryum Larsen, Head
of IR and Partner at IK Investment Partners told Opalesque that IK came to market with the fund sooner than expected as a result of significant investment activity early this year and strong investor demand. "We saw several new investors during this round of fundraising," he said.
One of those new investors is the New York State Common Retirement Fund (CRF), which committed $196 million in August according to investment disclosures released by the fund. The commitment creates a new relationship between IK and CRF. CRF typically invests in private equity through separately managed accounts and has relationships with other, domestic firms.
According to Larsen, rather than being spooked by Brexit and growth worries on...................... To view our full article Click here
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